The Motley Fool Discussion Boards
Investment Analysis Clubs / Macro Economic Trends and Risks
|Subject: Re: Why executives aren't prosecuted...||Date: 4/22/2013 12:21 PM|
|Author: Hochizen||Number: 421187 of 439749|
"Y'all would love to be highly paid plutocrats. You just won't admit it."
I will admit it. I will also assert that I would NOT want to be the CEO of a company that, say, kills people with defective products. I wouldn't want to be a CEO of a company that cheats and/or rips off its customers.
In short, I would not want to be CEO of a company that I would deem immoral. Would I take the job? Of course....and would go about changing how the company does business, which means I would likely be fired. Then again, I am unlikely to be a CEO as I was to be pope, so such discussions are silly.....but really, they are also quite serious.
Funny, isn't it....the idea of "morality" and "commerce" should somehow go hand in had.....ya know, that used to be the norm.
Companies would prosper by putting out good products, treating customers and employees well, and the owners would be enriched thereby.
Now, we have "get the numbers this quarter so we can get a big bonus" and "screw the employees we can make more shipping the jobs to China" and "the only morality is profit, however it is made."
Read The Big Short. It is an amazing tale of the subprime meltdown. What you see is NOT incompetence....what you see is outright fraud, but done legally and logically. For example....why loan an immigrant strawberry picker who makes 14 k a year over 750k to buy a house? Easy! The picker had a good credit score, which when added to a basket of crap mortgages made the overall credit of the basket better...so the bank could sell the crap basket of mortgages to suckers. See, by making a loan the bank knew would NEVER be repaid, the bank STILL made a bundle! Oh, and yes, it was legal! Hooray!
As an aside, read the book then smile the next time you hear some oligarch apologist claim "oh the banks had to loan to poor people because ACORN made them do it." Far from the truth it was...far from the truth.
Ah well, back to work......
|Copyright 1996-2013 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|